There’s a lot that goes into choosing the right small business loan. In a previous blog post we talked about some of the common qualifying criteria associated with a small business loan, today we’re going to talk about some of the common small business loan terms, typical loan amounts, and how long it takes to get funds once you’re approved.
|Loan Type||Common Loan Terms||Typical Loan Amounts||Time to Funding|
|Bank Term Loan||3-10 years||$50,000+ depending on the bank. Average loan size is $500,000||14-60 days|
|SBA Loan||5-25 years||Starting at $10,000. Average loan size is $350,000||30-90 days|
|Short-Term Online Loan||3-24 months||$5,000 to $250,000||24-48 hours|
|Long-Term Online Loan||1-5 years||$5,000 to $500,000||As quickly as 48 hours|
|Merchant Cash Advance||3-18 months||$5,000 to $500,000||As quickly as 48 hours|
|Online Invoice Financing||Can factor individual invoices or enter 1+ yearly contract||$100,000 to $2,000,000||As quickly as 5 days|
|Equipment Financing||2-10 years||$100,000 to $2,000,000+||As quickly as 5 days|
Understanding what makes one business loan option different than another will help you make decisions about what is the best fit for your financing need. For example, if you need capital quickly, some of these options are better than others.
Want to learn more about OnDeck? Click HERE to learn more about your OnDeck’s financing options and what you might qualify for in as fast as 10 minutes.